Orca, the Solana-based automated market maker (AMM), has announced a new integration.
It has been reported that the AMM revealed an integration with Stripe that will power its new fiat-to-crypto on-ramp, making decentralized finance (DeFi) more accessible to users both in and out of the existing ecosystem. This new integration now enables fiat purchases along with fiat-to-crypto transactions.
However, users can now purchase the blockchain’s standard native SPL tokens, including USD Coin and SOL, with fiat currencies.
Ori Kawn, the co-founder of Orca, said:
"With this new integration, we hope to make participating in the DeFi ecosystem even more accessible to the entire Solana community."
The report said that the Orca integration marks one of the first blockchain-based integration from Stripe as it continues to venture into the crypto space. Back in March of this year, it announced fiat payment support for cryptocurrencies and NFTs, in addition to partnerships with FTX, FTX US, Blockchain.com, Nifty Gateway and Just Mining to launch a crypto business suite.
A month later, it worked in collaboration with Twitter to create a USDC-based payout program for creators via the Polygon network. This comes as the entire crypto industry picks itself up after the collapse of the former powerhouse crypto exchange FTX.
Solana was one of the many in the space that felt the effects of the market chaos. Its native token, SOL, was heavily hit, plummeting 32.4% on November 10. Nonetheless, the ecosystem received encouragement from major players in the space, such as Polygon co-founder Sandeep Nailwal, to continue building on the value of the Solana network.
Thus, prior to this Solana unveiled its roadmap, which includes a major partnership with Google Cloud, new decentralized application stores and smartphone plans.
Source: Cointelegraph